Text of measure

Constitutional changes

Section 10. The credit of the State shall not be pledged or loaned to any individual company, corporation or association; nor shall the State become a joint owner or stockholder in any company, association or corporation. The Legislature shall not authorize any county, city, borough, township or incorporated district to become a stockholder in any company, association or corporation or to obtain or appropriate money for or to loan its credit to any corporation, association, institution or individual except that the Legislature may authorize municipal corporations to relieve from municipal taxation for such period of years as to the municipal authorities may seem proper any manufacturing enterprise that may locate within the said municipality, but no such exemption shall be for a longer period than fifteen years.[1]

Path to the ballot

The amendment was placed on the ballot by Joint Resolution 4 of 1903.[1]